Australian drug development company, Noxopharm Limited (ASX: NOX) has started the process of raising its profile and presence in the U.S. including a listing of its securities on the Nasdaq exchange. Driven by this strategic decision, the company has announced a number of Board changes today (i.e., 23 April 2019).
The company has appointed Dr. Graham Kelly as Executive Chairman from the earlier held designation of Group CEO and Executive Director. Besides this, Mr. Peter Marks has also moved from the designation of Non-Executive Chairman to Non-Executive Deputy Chairman. The company believes that Dr. Graham can now spend a considerable amount of time looking to raise the company’s profile in the U.S. capital markets. Previously, Dr. Graham has led the successful listing on Nasdaq of two companies in 1998 in 2002, both of which remain listed.
Besides this, Beata Niechoda MB BS, MBA, PhD will join as a Special Advisor for the company, making a significant contribution to the Board. Further, the company believes that Beata will bring her extensive experience as a medical director in major pharmaceutical companies in the form of independent advice to the Board on the company’s commercial strategies as an emerging player in the global biotechnology sector.
Dr. Graham and Beata will complement the function of Greg van Wyk MB BCh, BBA, MEc as Noxopharm CEO and CMO. Together, they will ensure that the company has the skills and experience necessary to guide Veyonda® through its various clinical phases and to a successful commercial outcome. Dr. Greg will be assisted by the appointment of Ms. Jeanette Bell BMedSc MScM as Chief Operating Officer.
Along with these board changes, the company has brought its accounting functions in-house by appointing Mr. Shawn Van Boheemen BBus MCom FCPA JP as Chief Financial Officer. The recent changes in the Board can help the company to support the business objectives.
Recently, the company’s first series of pre-clinical studies confirmed that idronoxil (IDX), the active ingredient in the Company’s Veyonda®, activates the immune system, positioning Veyonda® as a potential drug for overcoming the restricted benefit of the current standard immuno-oncology drugs.
Noxopharm Limited is currently focusing on establishing its anti-cancer drug candidate, Veyonda® as a standard companion drug for all forms of radiotherapy across most forms of solid cancer in order to deliver more potent and more curative responses to radiotherapy at lower, better-tolerated dosages of radiotherapy.
The Company has regarded its strategic decision of raising its profile and presence in the U.S. as a natural progression for it as a developer of a drug candidate with significant commercial and partnering opportunities, with that candidate, Veyonda®, due to moving into a busy clinical trial program in 2020 in the U.S.
We would now have a look at how the stock price of Noxopharm Limited had performed in the past few months. In the span of past three months, the stock of NOX had delivered a decent return of 4.35% and, in the time frame of one month, the stock provided a good return of 12.94%. At the time of writing (23 April 2019 AEST 02:43 PM), the stock price of Noxopharm Limited has been witnessing the positive momentum and was seen in green. The stock price is trading at A$0.500 per share which implies that the stock has inclined A$0.020 per share or 4.167% intra-day. The market capitalization of Noxopharm Limited stood at ~$58.85 Million. It has 52 weeks high of $0.975 and 52 weeks low of $0.360 with an average volume of ~65,644.